Compliance of CSR Limited with Accounting Conceptual Framework

Running head: CONTEMPORARY ISSUES
Contemporary Issues
Name of the Student
Name of the University
Author’s Note

1CONTEMPORARY ISSUES
Abstract
The main aim of this report is to examine that whether CSR Limited has complied with all the
standards and requirements of accounting conceptual framework. Different part of the report
analyze various aspects of conceptual framework that the objectives, recognition criteria,
fundamental and enhancing qualitative characteristics.

2CONTEMPORARY ISSUES
Table of Contents
Introduction......................................................................................................................................3
Objectives of Conceptual Framework.............................................................................................3
Information Need of Target Audience.............................................................................................8
Conceptual Framework Recognition Criteria..................................................................................8
Fundamental Qualitative Characteristics.......................................................................................12
Enhancing Qualitative Characteristics...........................................................................................13
Conclusion.....................................................................................................................................14
References......................................................................................................................................15

3CONTEMPORARY ISSUES
Introduction
This report takes an honest attempt to analyze and evaluate different requirement and
standards of accounting conceptual framework. It can be seen in the recent years that the
business entities are facing major issue related to the accounting and financial reporting; and
non-compliance with the required standards is the main reason behind these issues. It is the
obligation on every Australian company to follow the rules of accenting conceptual framework.
In Australia, Australian Accounting Standard Board (AASB) and International Accounting
Standard Board (IASB) have developed a conceptual framework that includes all the required
rules and regulations for financial reporting (aasb.gov.au 2018). For this report, CSR Limited is
taken into consideration. CSR Limited is a major Australian business entity involves in providing
building products for residential and commercial construction. The company is listed under top
100 companies in Australian Security Exchange (ASX) in the name of ‘CSR’ (csr.com.au 2018).
Objectives of Conceptual Framework
It needs to be mentioned that AASB conceptual framework has some major objectives for
the purpose of financial reporting of the Australian business entities. They are discussed below:
1st Objective: As per the first objective, the financial statements of the business entities must
contain information about the their different economic resources so that their financial position
can be determined (aasb.gov.au 2018).